Kenyans have continued to prioritise saving over spending, according to the 2021 FinAccess Household Survey.
Those saving prioritise emergencies, day-to-day expenses, retirement, and education.
Why saving matters: Saving offers financial security, allows you to achieve your goals, and cushions you against the high cost of living.
Short-term savings: Here, you can budget and plan for expenditures without affecting your monthly income and savings plans. Rather than dig into your normal budget, you can put it into a savings account for a trip, hosting an event, travelling or gifting friends and loved ones, or even purchasing an electronic gadget, car etc.
You can either save towards a target and access the money anytime or lock it in a fixed account which can be accessed after a certain period.
Long-term savings: Long-term savings are crucial for securing your financial future and achieving your goals. Whether saving for a down payment on a house, funding your retirement, setting aside money for education, or making investments, having a long-term savings plan can provide you with the financial stability and freedom you need.
The emergency fund: Cushions you during tough financial times, for example, a job loss, medical emergencies or any other crisis that pops up unexpectedly. This is a saving which we do not touch unless it's necessary.
What informs saving: The majority of Kenyans are critical of inflation which caused the cost of living to rise. Financial experts advise that it is wise to start a savings habit during tough times, as inflation won’t last longer. Saving early informs your financial stability.
Why it's hard to save: Lack of enough money, need for regular income, lack of financial literacy, and lack of interest are some of the reasons making it harder for people to save.
Make your money work for you: Definitely. Let’s explore how best to save. Ever heard the phrase, ‘Do not save what is left after spending, but spend what is left after saving?’
Mobile money and banking have recorded a steady rise over the years due to the growing popularity of mobile wallets. With money easily accessible online, saving is even easier as you can instantly analyse your monthly spending. You can thus save before spending.
Let's explain with KCB Bank: With KCB Bank, you can exploit multiple saving platforms, from KCB MPesa to different bank accounts.
You can grow your money easily on your phone with Weka-Weka na KCB M-PESA. All you need to do is to start saving to enjoy interest rates of over 6% p.a
It’s fast and easy, plus the more you save, the more you can borrow. To open a savings account with KCB M-PESA, you need to activate your KCB M-PESA and go ahead and choose a target savings account or a fixed savings account.
Affordable Savings Accounts: KCB Bank has continued to offer its customers and new applicants affordable offers, allowing you to enjoy competitive interest rates on your savings.
Want to save for your little ones?: Yes, you can save for the future you dream of for your little one with the KCB Cub account.
KCB Cub Account
With KCB Cub Account, you earn up to 5% interest on savings per annum.
The account offers a free Banker's Cheque for fees every term, and you can transfer money into it at zero charges. KCB also offers you a free cubby kit for your child to save at home.
Goals Savings Account
Inch closer to your financial and investment ambitions with the Goals savings account. Lock your savings for a period that suits you from 6 months, making your money work for you with the most competitive interest rates on your savings.
With a Goal Savings Account, you enjoy a flexible savings period between six months and five years, free-standing orders, and you can transfer money into the account monthly at zero charges.
KCB also allows you to open multiple Goal Savings accounts, as desired, for multiple goals.
Simba Savings Account
With a Simba Savings Account, enjoy 8.5% p.a. interest on savings without being charged monthly fees. A Simba Savings Account is also easy to open and convenient to operate.
Customers can further make free deposits and withdraw only once a month. This encourages you to save more.
What’s the difference between Simba and Goal Savings?: Simba Savings teaches discipline while managing your finances, while Goal Savings has a longer target with more interests.
Benefits of Simba Savings Account
Zero charges on money remitted into the account.
Only one withdrawal a month
Attractive interest rates
Earn an interest of up to 5% savings per year.
It is easy to open and convenient to operate
Valid Kenyan ID or passport
Your KRA PIN certificate
Account Rates & Fees
Opening balance - Kes 1,000
Minimum balance - Kes 1,000
Zero monthly fees
Think about it: Interested in a Simba Savings Account or have a question you would like answered? Reach KCB via this form.
What Details Does the Form Require?
Fill in these details, then click on Send Inquiry
Your full name
Your email address
Which service do you need? Apply for the product or enquire about the product.
Select your nearest branch.
A KCB bank representative may call you anytime to obtain further information. At no point shall you be asked for your PIN or password. Remember, PIN yako siri yako.
Call to Action: What are you waiting for to open a Simba Savings account with us and make your money work for you? We are your partner. We share your vision. Go Ahead!
Charges are Exclusive of tax.
Terms and conditions apply.